Academic programs that end up rewarding more – Swedish perspective

Wednesday, 30 October 2013
Much has and is being said about the nature of education is these days
as higher education get more expensive but it looks like the reward
promise of good jobs and pays seem to be a myth. While some camps are
totally repudiating the idea of encouraging university education,
others are saying that it depends on the course studied. So which
education course(s) are more financially rewarding in the long run?

Several academic programs are not profitable in comparison with a high
school education, according to a report from the Swedish Confederation
of professional associations, Saco.

Scores of graduates are out on the streets finding it hard to get into
work despite spending huge amounts of money and time studying.
This has put into question the value of higher education.

Granscole
Unfortunately, there are many academic programs that will never be
profitable, even after a full life career. What training you choose,
where you study, and when you start to work will be very important for
your personal lifetime. But it also plays a role in your lifetime
earnings if you become unemployed, provided you have one or more
children of if you are married or single, male or female.

According to Saco knowledge is one of the main drivers of development.
That's why the organisation believes that education should be
profitable so that more people should choose to get a college
education, training or research. But there are still skill sets are
would be attractive in the jobs market todays.

Saco has figured out a so-called live salary, calculating where incomes
and pensions would be after taxes over their working lives at the same
rate of student debt and the risk of unemployment. Put together,
certain academic programs are simply not profitable.

Saco identify that this especially hit training programs with few
career paths and thus little chance of a good wage therefore a very low
live time pay, often female-dominated occupations in the public sector.
Examples of unprofitable occupation are for example teaching,
physiotherapist, social worker and librarian – mostly with university
degree.

The most profitable profession is doctor, with an estimated live time
earning of skr22 million. Thereafter, civil engineer with approximately
Skr20 million followed by economists who earn just under Skr20 million,
according to Saco.